NGE Capital Ltd (NGE) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 10.11K
• Price to Earnings (P/E): 9.4
• Beta (1Y): 0.63
• Revenue Growth: -27.08%
• EPS Growth: -55.70%
• Country: AU
• Employees: 9
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.13
• Shares Outstanding: 34,303,223
• 10 Day Avg. Volume: 4,056
• 30 Day Avg. Volume: 10,107
• PEG Ratio: -0.18
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 12.17
• P/FCF Ratio: 18.69
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: AU$1.50 ▲(20.00% Upside)

The score is driven mainly by solid financial resilience from a very low-leverage balance sheet, offset by volatile earnings/cash flows and a significant 2024 revenue decline. Technical signals are mixed and do not add strong momentum support, while valuation appears relatively attractive on a low P/E.

Positive Factors

Conservative Balance Sheet

A conservative balance sheet with minimal debt provides financial flexibility and resilience, supporting long-term stability and growth.

Strategic Portfolio Adjustments

Strategic portfolio adjustments, including profitable exits and increased stakes, position NGE for future growth and improved financial performance.

Potential Tax Benefits

Unrecognized tax losses could provide significant future tax benefits, enhancing net income and supporting long-term profitability.

Negative Factors

Volatile Earnings and Cash Flows

Volatile earnings and cash flows can undermine financial predictability, affecting investor confidence and long-term strategic planning.

Revenue Decline

A significant revenue decline indicates challenges in maintaining market share or demand, potentially impacting future growth prospects.

Uneven Cash Generation

Uneven cash generation can strain liquidity and limit the company's ability to invest in growth opportunities or weather downturns.

NGE Capital Ltd Business Overview & Revenue Model

Company Description

NGE Capital Ltd (NGE) is an Australia-based investment company that primarily focuses on generating long-term capital growth and income for its shareholders. The company invests in a diversified portfolio of listed and unlisted securities, including equities, fixed income, and alternative assets across various sectors. NGE Capital aims to achieve superior returns through a disciplined investment approach and active management of its investment portfolio.

How the Company Makes Money

NGE Capital Ltd generates revenue primarily through capital appreciation and income from its investment portfolio. The company makes money by investing in a range of financial instruments, such as stocks, bonds, and alternative assets, and seeks to earn returns through dividends, interest, and capital gains. NGE Capital's revenue streams are influenced by the performance of the financial markets, asset allocation decisions, and the company's ability to identify and capitalize on investment opportunities. Additionally, the company may engage in partnerships or collaborations with other investment entities to enhance its earning potential, although specific partnerships are not publicly detailed. Overall, NGE Capital's earnings are closely tied to its investment strategy and market conditions.

NGE Capital Ltd Financial Statement Overview

Summary

Strong, conservative balance sheet (minimal debt and rising equity) supports resilience, but earnings and cash flows are volatile year-to-year, with a meaningful 2024 revenue decline and sharply lower free cash flow versus the prior year.

Income Statement

Profitability is strong in recent years, with positive EBIT and net income in 2023 and 2024, but results are volatile across the cycle (losses in 2020 and 2022). Revenue declined meaningfully in 2024 (down 23.5% YoY) after growth in 2023, highlighting an uneven top-line trajectory. Margins appear very high across periods, but the large swings in earnings and revenue make overall income statement quality less consistent.

Balance Sheet

The balance sheet is very conservative: total debt is effectively zero in 2023–2024 (and minimal in prior years), resulting in negligible leverage and strong financial flexibility. Equity has trended upward (from ~31.1M in 2020 to ~49.0M in 2024), supporting asset growth and resilience. Return on equity is solid in 2023–2024 but has been negative in down years, signaling that while the balance sheet is strong, profitability can fluctuate.

Cash Flow

Cash generation is uneven. Operating cash flow and free cash flow were positive in 2024 (~2.0M) and strong in 2020, but notably negative in 2023, 2022, and 2019, indicating variability in underlying cash conversion. Free cash flow fell sharply in 2024 versus 2023 (down 81.8%), which, even with a return to positive cash flow, points to a less stable cash profile overall.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.83M	3.13M	4.18M	741.00K	693.00K	342.00K
Gross Profit	2.83M	3.13M	4.18M	699.00K	637.00K	276.00K
EBITDA	1.83M	2.15M	2.57M	-1.84M	6.95M	-2.53M
Net Income	4.99M	4.84M	8.89M	-1.91M	7.34M	-2.59M
Balance Sheet
Total Assets	53.14M	49.67M	45.45M	35.96M	38.46M	31.26M
Cash, Cash Equivalents and Short-Term Investments	49.45M	46.29M	34.06M	12.18M	13.44M	10.52M
Total Debt	0.00	0.00	0.00	25.00K	67.00K	41.00K
Total Liabilities	684.00K	678.00K	890.00K	166.00K	694.00K	118.00K
Stockholders Equity	52.46M	48.99M	44.56M	35.79M	37.76M	31.09M
Cash Flow
Free Cash Flow	-10.30M	2.04M	-7.96M	-1.87M	3.60M	10.99M
Operating Cash Flow	-10.30M	2.04M	-7.96M	-1.87M	3.60M	10.99M
Investing Cash Flow	0.00	0.00	0.00	-2.00K	-3.00K	33.00K
Financing Cash Flow	-1.29M	-417.00K	-155.00K	-97.00K	-722.00K	-3.12M

NGE Capital Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NGE, the sentiment is Positive. The current price of 1.25 is below the 20-day moving average (MA) of 1.33, below the 50-day MA of 1.29, and above the 200-day MA of 1.19, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 56.76 is Neutral, neither overbought nor oversold. The STOCH value of 79.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:NGE.

NGE Capital Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAM	72 Outperform	AU$78.39M	10.99	32.22%	6.39%	22.67%	19.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
NGE	65 Neutral	―	9.43	9.48%	―	-27.08%	-55.70%
SB2	61 Neutral	AU$64.74M	21.33	3.57%	6.89%	30.36%	-31.47%
LCE	55 Neutral	AU$26.98M	53.13	2.17%	2.94%	38.32%	―
CIW	53 Neutral	AU$31.77M	56.62	2.42%	2.03%	18.17%	―

NGE Capital Ltd Corporate Events

NGE Capital Lifts NTA and Refines Portfolio with Strategic Moves in December

NGE Capital reported a solid uplift in performance for December 2025, with pre-tax NTA per share rising to $1.618 from $1.581 in November and delivering a 25.7% return year-to-date and over the last 12 months, translating to a market capitalisation of $43.4 million and cumulative returns of 217.3% since becoming a listed investment company in 2016. The portfolio remains diversified yet concentrated, led by positions in uranium, mining, energy, logistics, aviation and real estate names such as Yellow Cake, K92 Mining, Metals X and Industrial Logistics Properties, while the firm also highlighted approximately $18 million in unused tax losses representing a potential future tax benefit and disclosed recent portfolio activity, including a modest participation in Embark Early Education’s capital raising to support its takeover of Mayfield Childcare and a further trimming of its stake in Cash Converters, moves that refine its exposure and may enhance long-term tax and return efficiency for shareholders.

The most recent analyst rating on (AU:NGE) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on NGE Capital Ltd stock, see the AU:NGE Stock Forecast page.

NGE Capital Reports NTA Update and Strategic Portfolio Adjustments

NGE Capital Limited has reported its latest investment and NTA update, highlighting a decrease in NTA per share both before and after tax as of November 2025. The company has made notable portfolio changes, including trimming holdings in Cash Converters International and Pioneer Credit. A significant development is the sale of Northern Ocean Ltd.’s Deepsea Bollsta to Odfjell Drilling Ltd., which is expected to unlock value, reduce debt, and potentially lead to a capital return to shareholders. Despite a share price rally, Northern Ocean is still seen as undervalued, with potential for further strategic moves involving its remaining asset, Deepsea Mira.

NGE Capital Announces Director’s Interest Change

NGE Capital Limited announced a change in the director’s interest, specifically concerning Adam Saunders. The change involved an off-market transaction where 28,500 shares were sold from Lucerne Capital Pty Ltd ATF Lucerne Capital Trust and acquired by MAACS Capital Pty Ltd ATF MAACS Super Fund, resulting in a slight adjustment in the number of shares held by these entities. This transaction reflects a reallocation of shares within entities associated with the director, which may impact the director’s financial interests but does not directly affect the company’s operations or market positioning.

NGE Capital Ltd Updates Investment Strategy Amid Market Shifts

NGE Capital Ltd reported a net tangible asset (NTA) per share increase, highlighting a strategic shift in its investment portfolio. The company exited its position in Jupiter Mines Limited with a profit and increased its stake in Alliance Aviation Services, despite recent challenges faced by the latter, including a surprise earnings downgrade and management changes. The potential for future tax benefits from unrecognized tax losses was also noted, which could positively impact future financial performance. The strategic moves and the potential for tax benefits indicate NGE’s proactive approach in managing its portfolio and positioning itself for future growth.